中石化并购Addax公司绩效分析

发布时间：2018-04-17 22:15

本文选题：跨国并购 + 并购绩效　；参考：《贵州财经大学》2014年硕士论文

【摘要】：在全球经济一体化的趋势下，世界上为数不少的企业是通过并购和资本经营不断壮大起来的。现如今，企业进行海外市场的资本扩充和经营规模的扩大最重要的手段就是跨国并购，其被认为是企业快速扩大经营规模和国际市场的良策。近年来，我国企业跨国并购不断升温，我国企业引人关注的跨国并购案也层出不穷。但是，显然我国资本市场缺乏有效性，资本市场发展也不充分，我国多数上市公司进行跨国并购也会带有投机的可能性，研究跨国并购对企业绩效的影响旨在探究两个关键性问题：其一，上市公司所进行的跨国并购活动是否可以使企业提升绩效、使股东财富增加？其二，若能使企业绩效得到提升，那么该提升作用可以持续多久？中国是世界上最大的发展中国家，对于能源的需求很大，中国国内的石油储量根本满足不了国内的消费需求。2008年是中石化公司自成立以来所面临的极其特殊和艰难的一年，因为面对国际油价涨跌情况异常、国内油价长时间倒挂而且对石油需求陡然下降的经营困难。在这样的背景下，中国石油化工股份有限公司对瑞士Addax石油公司进行了跨国并购。这是中国上市公司跨国并购历程中较成功的一个案例，本文选取该跨国并购案例进行实证研究。本文首先介绍跨国并购的相关理论及案例背景，在此基础上应用SPSS19.0软件对并购方样本期内六个方面共十三个财务指标应用因子分析，根据因子分析的结果比较并购企业在并购活动发生前后的绩效状况观察跨国并购对企业的绩效是否会有提升作用；之后选取综合得分值和股价两个变量在VAR模型的平稳性基础上做脉冲响应函数检验，通过分析结果探究并购活动对并购方的绩效影响会持续多久。在本文，综合两部分实证研究得出如下的研究结论：并购活动对并购方的绩效影响在并购后较短的期间（4期①）内是负方向的，并购后4-8期呈现正方向影响，待到第8期时此影响达到最大值；长期来看，并购活动对企业绩效的影响期限在12期左右，12期以后影响不再显著。以往对于中石化并购Addax公司绩效的研究多是针对被并购方的，，本文立足于研究并购对于并购一方绩效的影响，在研究视角上是比较新的；此外，本文对该案例的绩效研究在因子分析的基础上应用VAR模型，在研究方法上也具有一定的创新性。
[Abstract]:In the trend of global economic integration, a large number of enterprises in the world are growing through mergers and acquisitions and capital management.Nowadays, transnational M & A is the most important means of capital expansion and business scale expansion in overseas markets, which is considered to be a good strategy for enterprises to expand their business scale and international market rapidly.In recent years, transnational mergers and acquisitions of Chinese enterprises have been heating up, and the transnational mergers and acquisitions of Chinese enterprises have attracted more and more attention.However, it is clear that China's capital market lacks effectiveness and the development of the capital market is not sufficient. Most listed companies in our country will also have the possibility of speculation in cross-border mergers and acquisitions.The study of the impact of cross-border M & A on corporate performance aims to explore two key questions: first, can the cross-border M & A activities of listed companies make enterprises improve their performance and increase the wealth of shareholders?Second, if the enterprise performance can be improved, then the role of the promotion can last for how long?As the largest developing country in the world, China has a great demand for energy, and its domestic oil reserves can hardly meet the domestic consumption demand. 2008 has been an extremely special and difficult year for Sinopec since its establishment.In the face of abnormal international oil prices, domestic oil prices have been hanging upside down for a long time and the demand for oil has plummeted.In this context, China Petrochemical Co., Ltd. made a cross-border merger and acquisition of Addax Oil of Switzerland.This is a successful case in the course of cross-border M & A of listed companies in China.This paper first introduces the relevant theories and case background of cross-border M & A, and then applies SPSS19.0 software to apply factor analysis to 13 financial indexes in six aspects of M & A sample period.According to the results of factor analysis, the paper compares the performance of M & A enterprises before and after M & A activities.Then select the comprehensive score and stock price on the basis of the stability of the VAR model to do impulse response function test, through the analysis of the results to explore how long the impact of mergers and acquisitions on the performance of the parties will last.In this paper, synthesizing two parts of empirical research, the following conclusions are drawn: the impact of M & A activities on the performance of M & A parties is negative in a short period of time after M & A (period 1), and the 4-8 period after M & A shows a positive direction effect.In the long run, the influence of M & A activities on firm performance is no longer significant after 12 periods or so.In the past, the research on the performance of Sinopec's merger and acquisition of Addax is mostly aimed at the acquired party. This paper is based on the study of the impact of M & A on the performance of the M & A party, and is relatively new from the perspective of the research.On the basis of factor analysis, this paper applies VAR model to the performance study of this case, and also has some innovation in the research method.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.722;F271

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